Radically new UK economic strategy could be undermined

2020 ◽  
Keyword(s):  
United Kingdom ◽  
Public Spending ◽  
Regional Inequality ◽  
Short Term ◽  
Economic Strategy ◽  
Content Type ◽  
Regional Inequalities ◽  
The United Kingdom ◽  
Economic Divergence ◽  
The Eu

Subject New UK economic direction. Significance The rhetoric of the new government implies a radical break with previous policy both domestically (tackling regional inequality) and internationally (the freedom to diverge from EU rules). In both cases the ambitions are real and there will be major changes, but significant economic and political tensions remain and have yet to be resolved: public spending demands may not be met due to fiscal and political constraints while London's aim for economic divergence will face opposition from business. Impacts The respective red lines of the United Kingdom and EU mean that a thin trade deal, or possibly none at all, is the most likely outcome. Large increases in infrastructure spending are unlikely to alleviate regional inequalities in the short term. Economic divergence from the EU will limit the scope for a close and comprehensive EU-UK security and defence relationship post-Brexit.

Hi-tech competition will colour EU-US friendly ties

2016 ◽  
Keyword(s):  
United Kingdom ◽  
State Aid ◽  
Short Term ◽  
Content Type ◽  
Corporate Power ◽  
The United Kingdom ◽  
The Us ◽  
Us Government ◽  
The Eu

Significance Earlier, on August 30, the Commission said the Irish government's tax arrangements with Apple constituted illegal state aid that required a payment of 13 billion euros (14.4 billion dollars) to the Irish authorities. The cases have given rise to suspicions that the EU authorities are unfairly targeting US companies. Impacts Short-term relations with the US government will deteriorate but -- if the Microsoft experience is any guide -- without lasting damage. The Apple ruling may bolster the Commission's reputation, as concerns over corporate power and inequality resonate with the EU public. Once it is outside the EU, the United Kingdom may have few attractions as a hub for US internet operations.

Prospects for Europe in the third quarter

2015 ◽  
Keyword(s):  
United Kingdom ◽  
Single Currency ◽  
Member States ◽  
Content Type ◽  
The Third ◽  
The United Kingdom ◽  
The Future ◽  
The Eu ◽  
The Way

Subject Prospects for Europe in the third quarter. Significance For the rest of June and the third quarter, the EU will grapple with the future positions within the bloc of two member states, the United Kingdom and Greece. The period will see the resolution, one way or another, of the immediate crisis in Greece's relations with its international creditors. The way in which this takes place will have profound implications for the future of the single currency.

EU-UK deal allows Cameron to campaign against Brexit

2016 ◽  
Keyword(s):  
United Kingdom ◽  
Prime Minister ◽  
Transition Period ◽  
David Cameron ◽  
Content Type ◽  
The United Kingdom ◽  
Eu Membership ◽  
Scottish Independence ◽  
The Uk ◽  
The Eu

Subject The package of reforms on a new EU-UK relationship. Significance The agreement between the United Kingdom and its EU partners sets the stage for the UK referendum on EU membership, which Prime Minister David Cameron has set for June 23. Cameron said he had negotiated new terms that would allow the United Kingdom to remain in the EU. Impacts The deal bolsters the campaign to remain in the EU, but the referendum outcome is still highly uncertain. The deal will only come into effect if the outcome is for remaining, forestalling a second referendum for better terms. If the outcome is for leaving, a new relationship with the EU would have to be negotiated during a two-year transition period. It would also probably lead to a second Scottish independence referendum and UK break-up.

Complicated UK-WTO negotiations may hit growth

2016 ◽  
Keyword(s):  
United Kingdom ◽  
Trade Agreements ◽  
Negotiation Process ◽  
Economic Losses ◽  
Regional Trade ◽  
Content Type ◽  
The United Kingdom ◽  
Poor Understanding ◽  
Slow Progress ◽  
The Eu

Subject The United Kingdom's WTO status after Brexit. Significance The terms of the United Kingdom's WTO membership are linked to those of the EU. In order to continue benefiting from other members' concessions after Brexit, the United Kingdom will need to arrange its own membership and terms in a potentially lengthy and complicated negotiation process with all other WTO members. Impacts Upon Brexit, the United Kingdom will regain its full competence for concluding bilateral and regional trade agreements. The government's slow progress in recruiting experienced UK trade negotiators may put it at a disadvantage. Poor understanding of the complexity of WTO negotiations may mean that economic losses have been underestimated.

May will pursue ‘hard’ Brexit

2017 ◽  
Keyword(s):  
United Kingdom ◽  
Single Market ◽  
Customs Union ◽  
Current Form ◽  
Content Type ◽  
The United Kingdom ◽  
The Government ◽  
Article 50 ◽  
Freedom Of Action ◽  
The Eu

Significance This followed a landmark speech on January 17 in which she added more clarity and detail to her previous stance on the United Kingdom’s departure from the EU. May indicated a willingness to leave the single market, strongly implied that the United Kingdom would not be part of the customs union in its current form and asserted that she would rather quit the EU with no permanent or transitional deal agreed than accept an arrangement which limited the United Kingdom’s future freedom of action. Impacts The government is likely to meet its preferred timetable for triggering Article 50 even if it has to obtain approval from parliament. The United Kingdom will probably lose its passporting rights, which allow UK-based banks to sell their products across the EEA. Paris and Frankfurt will probably benefit as banks may seek to move some of their staff out of London.

EU-UK Brexit is unlikely to be stopped

2018 ◽  
Keyword(s):  
United Kingdom ◽  
Ongoing Debate ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
Article 50 ◽  
The Uk ◽  
The Eu

Significance This comes after the Telegraph reported last week that Soros had donated 400,000 pounds to the group. There is an ongoing debate as to whether the United Kingdom will in fact leave the EU. Central to it is the question of whether the UK government can unilaterally revoke its decision to trigger Article 50 in March 2017. Impacts Voters would be less likely to support the revocation of Article 50 if the Council imposed conditions that made membership less attractive. Revoking Article 50 and remaining in the EU would reduce damage to the UK economy. If Article 50 is revocable, Eurosceptic governments could be tempted to use the prospect of triggering it as leverage in EU negotiations.

MiFID II will recast Europe’s financial landscape

2017 ◽  
Keyword(s):  
United States ◽  
United Kingdom ◽  
Financial Stability ◽  
The United States ◽  
Financial Instruments ◽  
Content Type ◽  
The United Kingdom ◽  
The World ◽  
October 17 ◽  
The Eu

Subject MiFID II implementation and compliance Significance The EU’s flagship investor protection reform -- the Markets in Financial Instruments Directive II (MiFID II) -- will come into force on January 3, 2018, Valdis Dombrovskis, the EU Commissioner responsible for financial stability, confirmed on October 17, saying that there would not be a further delay. Despite already having been given an extra year's extension, banks are struggling to comply in time because of the directive's complexity. Regulators, too, are behind in expanding their capacity to enforce it. Impacts Firms across the world that do any of their business within the EU will have to comply, not just those registered in the EU. All firms trading in financial instruments must comply but those where this is a small part of their business may be caught unawares. MiFID II will come into effect before the United Kingdom leaves the EU and is likely to be written into UK law post-Brexit. The United States is keen to deregulate, but US firms whose EU activity is not compliant will be punished, possibly harming US-EU relations.

Member states will drive EU foreign policy

2018 ◽  
Keyword(s):  
Foreign Policy ◽  
United Kingdom ◽  
Member States ◽  
Content Type ◽  
Eu Member States ◽  
Eu Foreign Policy ◽  
The United Kingdom ◽  
Policy Goals ◽  
National Defence ◽  
The Eu

Significance However, member states have the dominant foreign policy role in the EU. After Brexit, that will be France and Germany despite the United Kingdom insisting that it wants to maintain as close a relationship with the EU as possible. Impacts EU reformers will light on foreign policy as an area to drive forwarded integration. However, the EEAS lacks the competencies and institutional horsepower to be a force for integration. The strategic needs of the 27 post-Brexit EU members will be various, thus acting as a drag on integration. Smaller EU member states will see more advantage than larger ones in collectively pursuing foreign policy goals through Brussels. Larger member states will be unwilling to submit their national defence policies to greater EU authority.

Disarray will cloud start of EU-UK Brexit talks

2017 ◽  
Keyword(s):  
United Kingdom ◽  
Transition Period ◽  
Content Type ◽  
The United Kingdom ◽  
Eu Membership ◽  
Key Issues ◽  
The Uk ◽  
Political Turmoil ◽  
Implementing Strategies ◽  
The Eu

Significance The process has been plunged into further uncertainty by the outcome of the June 8 UK general election, which has sparked renewed debate about what kind of Brexit the United Kingdom wants and what kind of future economic relationship with the EU it should seek to negotiate. Impacts The UK government’s weakness is a cause for concern elsewhere in the EU, raising fears that it may not be able to compromise on key issues. Many businesses will begin implementing strategies for dealing with Brexit early next year, before knowing the outcome of the negotiations. Pressure for a lengthy transition period will continue to build. The political turmoil and slowing economic growth in the United Kingdom may increase support for EU membership elsewhere in the bloc.

'Golden visas' will persist despite EU clampdown

2018 ◽  
Keyword(s):  
United Kingdom ◽  
Money Laundering ◽  
Large Scale ◽  
Public Knowledge ◽  
Content Type ◽  
Transparency International ◽  
Eu Countries ◽  
Background Checks ◽  
The United Kingdom ◽  
The Eu

Subject The 'golden visa' controversy in the EU. Significance The European Commission's announcement on October 10 that it would investigate so-called 'golden visa' schemes follows a report by Global Witness and Transparency International warning that insufficient applicant background checks exposed the EU to large-scale money laundering and corruption. Impacts Greater public knowledge of golden visas will increase domestic pressure on governments. Scandals could worsen relations between the EU and non-EU countries. Applications for visas in the United Kingdom will likely decline if there is a Brexit deal.

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